Category: Indian Government

CBDCs can “kill” private crypto: India’s RBI deputy governor to IMF

June 4, 2022

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“One of the reasons it is so successful is because it’s simple,” he added while comparing the Unified Payments Interface’s (UPI) growth with blockchain technology. 726 Total views 15 Total shares In discussion with the International Monetary Fund (IMF), T Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI), reflected an anti-crypto […]

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India to roll out CBDC using a graded approach: RBI Annual Report

May 28, 2022

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Halfway through 2022, at the proof of concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC. 799 Total views 16 Total shares Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded […]

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Indian central bank’s ‘informal pressure’ disrupted payments: Coinbase CEO

May 11, 2022

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“I guess we have a concern that [the Reserve Bank of India] may be actually in violation of the Supreme Court ruling,” said Coinbase CEO Brian Armstrong. 83 Total views 1 Total shares Just three days after debuting in the Indian market, United States-based crypto exchange Coinbase abruptly stopped using United Payments Interface (UPI), the […]

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Law Decoded: Crypto taxes and taxes on crypto, March 21–28.

March 29, 2022

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Some jurisdictions are introducing digital assets as tax payment options while others levy hefty taxes on crypto gains. 1408 Total views 18 Total shares It was relatively quiet in the digital asset policy department last week, as regulators and lawmakers in most key jurisdictions retreated to their offices to do the necessary homework. In the […]

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India’s finance minister waiting for consultations to decide whether to ban or regulate crypto

February 11, 2022

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The country’s finance minister admitted to not having enough information to make a fateful call. 542 Total views 38 Total shares Yet another statement by a top Indian official suggests that regulatory uncertainty around the status of digital assets in the country will persist in the near term. Responding to the general discussion of the […]

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Bitcoin, Ether and NFTs will ‘never become legal tender’ in India, says Finance Secretary

February 2, 2022

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“You can buy gold, diamond, crypto, but that will have not have the value authorization by government,” said T.V. Somanathan. 1534 Total views 51 Total shares T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the […]

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Indian taxman recovers $6.62M from WazirX for evading tax on commission

January 1, 2022

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Government officials from CGST Mumbai Zone recovered the funds from crypto exchange WazirX after detecting a GST evasion of $5.43 million on trade commissions. 5745 Total views 63 Total shares Indian crypto exchange WazirX has reportedly paid over $6.6 million (49.2 crore rupees) following non-payment of Goods and Services Tax (GST) on trade commissions. The […]

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SEBI chief warns Indian mutual funds on investing in cryptocurrency offerings

December 29, 2021

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While the regulatory environment for cryptocurrencies in India is currently murky, the country has already witnessed an exponential rise in crypto popularity. 1609 Total views 24 Total shares The Chairman of the Securities and Exchange Board of India (SEBI), Ajay Tyagi, urged mutual funds to avoid investing in crypto-related assets as the government considers new […]

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Indian police commissioner issues a public warning against crypto frauds

December 26, 2021

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On behalf of the Hyderabad City Police, Addl. Commissioner Shikha Goel asked Indian citizens to invest in crypto only through reputed and long-established players in this field. 4695 Total views 61 Total shares The Additional Commissioner of Police Shikha Goel warned Indian citizens about the rise in cybercrime in an event hosted by the city […]

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IMF chief economist calls for global policy on cryptocurrency

December 16, 2021

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The economist’s remarks come as nations around the world consider how to control cryptocurrencies. 1301 Total views 36 Total shares Gita Gopinath, the chief economist of the International Monetary Fund (IMF), has called for a global policy to be put in place that will regulate cryptocurrency, instead of banning it. Pitching for a global policy, […]

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